Egypt gets over hardest part of economic reforms — official

Egypt has got over the hardest part of its strict economic reform program, and achieved a huge economic boom due to the concerted efforts of the Central Bank of Egypt (CBE) and the government, president of the Union of Arab Banks Mohamed Jarrah el Sabah’s said Saturday 30/03/2019.

El-Sabah’s remarks came during the inaugural session of the heads of risk management departments in the Arab banks road to Basel 4 forum, organized by the Union of Arab Banks in Alexandria, in cooperation with CBE.

The enormous effort by the CBE during the past years could not be overlooked, Sabah stressed.

He asserted that the CBE’s monetary policy, adopted since 2015, had evidently achieved a great success for meeting its targets, proved by keeping inflation under control, and raising the foreign currency reserves which hit 44.1 billion dollars by the end of February 2019, up from only 13 billion dollars in the beginning of 2013.

Most of the economic indices reflect a huge improvement in both the Egyptian financial and economic conditions, which is accredited by the international institutions and investors, he said, citing the World Bank’s outlooks for the Egyptian economy, expecting 5.5 percent growth in 2019, up from 2.9 percent in 2014.

The growth outlook could be the highest in the region, he noted.

He praised the resilience that the Egyptian banking sector showed, despite the existing economic and financial challenges in the country.

Egypt is ranked the fourth in the Arab banking sector in terms of the volume of assets, and first in the non-oil Arab banking sector, he went on to say.

Source: State Information Service Egypt